Thursday, February 14, 2008

....and Money

Have long had the intention of expanding the number of taboo topics to be discussed here (See new blog name). Here is my first post on the new topic:

From Pat Buchanan:

"Since it began to give credit ratings to nations in 1917, Moody's has rated the United States triple-A. U.S. Treasury bonds have been seen as the most secure investment on earth. When crises erupt, nervous money seeks out the world's great safe harbor, the United States. That reputation is now in peril.

Last week, Moody's warned that if the United States fails to rein in the soaring cost of Social Security, Medicare, and Medicaid, the nation's credit rating will be downgraded within a decade."

7 comments:

Jared said...

The Comptroller General said on TV that, considering historical federal tax revenue trends, by 2040all of our tax revenue will go to Medicare and Social Security.

As you said in another post, "We're screwed."

Glad you added the topic; I've been reading up on some frightening things lately, one of them being the PB article you pulled the quote from.

Civis said...

Someone told me that the government is supposedly about to srat sending out "rebates" of between $300 and $1,200 (depending on size of household and presumably some other criteria) in order to stimulate the economy. Anybody heard about this?

Jared said...

Yes, that's the case. The problem is where did they get the money. From our fiat monetary system? My rebate won't help boost spending; mine is going to payoff debt. Sorry Mr. Bush and the incompetent Congress for not stimulating the economy with my rebate.

Civis said...

Ha ha and Amen.

Maybe the money for the rebate comes, as does the funding of the Iraq "war", from selling bonds to China.

Jared said...

Or fiat money from the Fed.

Rodak said...

On the topic of money, check out the first half of this thread.

I was weeping too hard to read the second half...

Anonymous said...

Rodak: Intersting.

Jared: Apparently a lot of people will use the rebate to pay debts, while others will invest it. Seems like it would still stimulate spending and/or possibly lower interest rates.